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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Dec. 31, 2017
Statement of Cash Flows [Abstract]          
Net (loss) earnings $ 79.0 $ 787.5 $ (7.2) $ 848.4  
Adjustments to reconcile net (loss) earnings to net cash provided by operating activities          
Depreciation and amortization     98.4 114.4  
Share-based incentive compensation     22.9 38.7  
Profit sharing expense     16.1 18.6  
Provisions for bad debt     1.9 2.6  
Provisions for inventory obsolescence     0.0 5.9  
Deferred taxes, net     50.8 160.7  
Net gain on sale of business     (41.3) (701.4)  
Other non-cash items     24.9 27.8  
Changes in operating assets and liabilities:          
Trade receivables, net     (31.0) (87.5)  
Inventories     (113.2) (100.5)  
Accounts payable     45.0 135.2  
Other assets and liabilities     82.7 (130.4)  
Net cash provided by operating activities     150.0 332.5  
Cash flows from investing activities:          
Capital expenditures     (114.8) (126.5)  
Proceeds, net from sale of business and property and equipment     6.6 4.4  
Business acquired, net of cash acquired     (67.8) (25.4)  
Impact of sale of Diversey [1]     (19.6) 2,025.5  
Investment in cost method investments     (7.5) 0.0  
Settlement of foreign currency forward contracts     (5.5) (1.1)  
Other investing activities     (2.6) 0.0  
Net cash (used in) provided by investing activities(3)     (211.2) 1,876.9  
Cash flows from financing activities:          
Net proceeds from borrowings     293.3 (21.5)  
Payments of borrowings [2]     0.0 (369.5)  
Payments of debt modification/extinguishment costs     (6.1) 0.0  
Proceeds from cross currency swap     0.0 17.4  
Dividends paid on common stock     (79.3) (92.4)  
Acquisition of common stock for tax withholding     (7.8) (21.9)  
Repurchases of common stock [3]     (534.3) (757.3)  
Net cash used in financing activities [1]     (334.2) (1,245.2)  
Effect of foreign currency exchange rate changes on cash and cash equivalents     (7.3) (18.9)  
Cash and cash equivalents [4]     594.0 333.7 $ 333.7
Restricted cash and cash equivalents [1],[4]     0.0 52.9 52.9
Balance, beginning of period [4]     594.0 386.6 386.6
Net change during the period [4]     (402.7) 945.3  
Cash and cash equivalents [4] 191.3 1,304.7 191.3 1,304.7 594.0
Restricted cash and cash equivalents [1],[4] 0.0 27.2 0.0 27.2 0.0
Balance, end of period [4] $ 191.3 $ 1,331.9 191.3 1,331.9 $ 594.0
Supplemental Cash Flow Information:          
Interest payments, net of amounts capitalized     137.4 156.5  
Income tax payments, net of cash refunds     137.5 126.6  
Payments related to the sale of Diversey and efforts to address related stranded costs     44.9 61.2  
Restructuring payments including associated costs     7.4 48.7  
Non-cash items:          
Transfers of shares of common stock from treasury for 2017 and 2016 profit-sharing contributions     $ 23.8 $ 22.3  
[1] Due to the adoption of ASU 2016-18, the Company now is required to include restricted cash as part of the change in the total cash balance. As a result, amounts which were previously classified as cash flows from financing activities related to Sealed Air continuing operations and amounts which were previously classified as cash flows from investing activities related to restricted cash sold with the sale of Diversey have been reclassified as they are recognized in the total change in cash. Refer to Note 2, "Recently Adopted and Issued Accounting Standards," in the Notes to Condensed Consolidated Financial Statements for more information.
[2] Payments of borrowings included in financing activities excludes amounts which were paid using cash proceeds from the sale of Diversey. As a result, $755.2 million of payments of borrowings is included within investing activities for a total payment of borrowings of $1.1 billion through the nine months ended September 30, 2017.
[3] The Company entered into an accelerated share repurchase agreement with a third-party financial institution to repurchase $400.0 million of the Company’s common stock. The full amount was paid as of September 30, 2017 however, only $320.0 million was used to repurchase shares at that point in time.
[4] Restricted cash and cash equivalents included compensating balance deposits related to certain short-term borrowings.